Home prices of the luxury segment have witnessed greater appreciation than their counterparts in the affordable end of the market across top cities of India from 2022 onwards, with the exception of Calcutta.
On average, prices have gone up by 40 per cent in top seven cities combined for home prices of ₹1.5 crore, compared to 26 per cent in the affordable segment (price bracket under ₹40 lakh).
In contrast, prices of affordable segment houses in Calcutta have gone up by 26 per cent, compared to 20 per cent in the luxury segment (see chart), according to a study conducted by real estate consultancy Anarock Research.
“Demand for luxury homes continues to outpace that in other segments because of the consistent appetite for bigger homes by branded developers in superior locations,” Anuj Puri, chairman of Anarock Group said.
“Our data finds that the total sales of approx. 2.87 lakh units in the top 7 cities in 9 months 2025, nearly 30 per cent was in the luxury segment. This is particularly remarkable as home prices have surged nationwide due to increased input costs and strong demand in the last few years,” he added.
While the average house price in the top-bracket segment in seven cities stood at ₹20,300 per square foot, up from ₹14,530 in 2022, it would be most affordable to buy a ‘luxury property’ in Calcutta, among the cities covered.
In Calcutta, the average price for luxury properties (above ₹1.5 crore) is ₹14,200 per square foot in 2025; in the mid (between ₹40 lakh and ₹1.5 crore) and affordable segments, it is the lowest of the top 7 cities at ₹6,750 per square foot. and ₹4,040 per square foot, respectively.
Real estate circle of the city pointed out that even as Calcutta was predominantly an affordable housing market, the luxury segment has gained traction in recent years. “You will hardly see any reputable developer launching projects with house prices less than ₹1.5-2 crore within the city. It is only on the fringes, the affordable units are available,” said a city-based developer.
In Calcutta, properties of Alipore, Ballygunge and EM Bypass (south of Science City) fetch the highest prices whereas South Mumbai’s BKC, Worli and Delhi’s Lutyens’s are some of the top draws among the buyers.
